LETTER: Cuts target elderly, middle class

Why is Social Security being targeted in the battle against the deficit? It shouldn't be part of the debate since it isn't contributing to it. Until recently, Social Security had collected more in taxes than it has paid out.

This surplus has been loaned to the U.S. government, which gives the Social Security Administration government bonds for the loans.

My understanding is that when Social Security started to pay out more than it collected, the Social Security Administration would begin to cash in these bonds to make up the difference. When these bonds are depleted (any time from 2025 to 2045 depending on which estimates you believe), then either taxes would have to be increased to make up the shortfall or benefits would have to be cut.

So, again, why is Social Security in the deficit talk mix right now? If benefits are cut (chained CPI, among other things), does this mean that the U.S. government has no intention of honoring the bonds that the Social Security Administration has purchased? And, if so, how can anyone, be it individual, investment firm or foreign government, trust the U.S. government to pay off any bonds that they purchase?

Let's stop trying to balance the federal budget on the backs of the elderly and middle class.